¹Syaiful Rizai, ²Tri Ratnawati, ³Ulfi Pristiana

^1,2,3Universitas 17 Agustus 1945 Surabaya

DOI : https://doi.org/10.58806/ijsshmr.2023.v2i12n11

Google Scholar Download Pdf
ABSTRACT

Changes in currency exchange rates have an impact on currency appreciation and depreciation. One alternative that can help in managing risks arising from fluctuations in exchange rates is by utilizing hedging instruments. This research aimed to investigate the empirical evidence regarding the effect of macroeconomics, firm size, asset growth and liquidity on financial distress and hedging with good corporate governance as a moderation variable. The population were manufacturing companies listed on the Indonesian stock exchange and implementing hedging strategy in 2020-2022. Seventeen companies were selected as samples using purposive sampling techniques. Hypothesis testing was carried out by means of Structural Equation Model (SEM) approach based on the Partial Least Square (PLS). Among the 10 analysed hypotheses, 5 were proven to be accepted and the other 5 were rejected. The findings show the followings. The 2 exogenous variables (macroeconomics and asset growth) affected the endogenous variable (hedging), meanwhile the other 3 exogenous variables (firm size, liquidity and financial distress) did not affect it. The 3 exogenous variables (firm size, asset growth and liquidity) were proven to influence the endogenous variable (financial distress), whereas the variable of macroeconomics was not proven as such. Meanwhile, good corporate governance, as a moderation variable, did not provide full support for the causal relationship between financial distress and hedging.

KEYWORDS:

Macroeconomics, assets growth, liquidity, hedging

REFERENCES

1) Agus Sartono. (2012). Manajemen Keuangan Teori dan Aplikasi. Yogyakarta: BPFE, Edisi4.

2) Amanda, Y., & Tasman, A. 2019. Pengaruh Likuiditas, Leverage, Sales Growth dan Ukuran Perusahaan terhadap Financial Distress pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2015-2017. Jurnal Ecogen, 2 (3), 453-462.

3) Ariana, T., & Marlisa, V. 2021. The Effect of Rupiah Exchange Rate, Firm Size, Leverage and Liquidity on Hedging Decision Making Using Derivative Instruments. International Journal of Social Service and Research, 1(3), 280-293.

4) Aries Heru Prasetyo, 2011, Valuasi Perusahaan, PPM, Jakarta Pusat.

5) Ayuningtiyas, I. S., & Suryono B. 2019. Pengaruh Likuiditas, Profitabilitas, Leverage dan Arus Kas terhadap Kondisi Financial Distress. Jurnal Ilmu dan Riset Akuntansi, e-ISSN: 2460-0585.

6) Bagozzi, et a l. (1998). Marketing Management. New Jersey: Prentice Hall.

7) Brigham dan Houston. 2010. Dasar-dasar Manajemen Keuangan Buku 1 (edisi II). Jakarta: Salemba Empat.

8) Brigham, Eugene F. dan Houston, Joel F. 2011. Dasar-dasar Manajemen Keuangan Terjemahan. Edisi 10. Jakarta: Salemba Empat.

9) Chin, W. W., & Dibbern, J. (2010). An Introduction to a Permutation Based Procedure for Multi-Group PLS Analysis: Results of Tests of Differences on Simulated Data and a Cross Cultural Analysis of the Sourcing of Information System Services Between Germany and the USA. In Handbook of Partial Least Squares (V. Esposit, pp. 60–72). Berlin: Springer Handbooks of Computational Statistics Commonwealth Fraud Control Guidelines.

10) Darwis, Herman. 2009. Corporate Governance terhadap Kinerja Perusahaan. Jurnal Keuangan dan Perbankan, Vol. 13, No. 3 September 2009, hal 418-430.

11) Dharmiyanti, N. M. D., & Darmayanti, N. P. A. 2020. The Influence of Liquidity, Growth Opportunities, and Firm Size on Non-Finance Companies’ Hedging Policy in Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research (AJHSSR) Vol. 4, Issue 1, pp 129.135.

12) Dornbusch, R., & Fischer, S. 1994. Ekonomi makro. Jakarta: Rineka Cipta.

13) Djohanputro, Bramantyo. 2008. Manajemen Risiko Korporat. Jakarta: Penerbit PPM.

14) Erayanti, R. 2019. Pengaruh Likuiditas, Profitabilitas dan Leverage terhadap prediksi Financial Distress. Jurnal Riset Akuntansi & Perpajakan (JRAP), 6 (01).

15) Heliani & Elisah S. 2022. Pengaruh Profitabilitas, Makroekonomi, Firm Size terhadap Financial Distress dengan Nilai Perusahaan sebagai Variabel Moderating. Owner: Riset & Jurnal Akuntansi, Vol. 6, No. 4.

16) Hendrawan, Y., Moorcy, N. H., Santoso, A. W., & Sukimin, S. 2022. Pengaruh Indikator Makroekonomi dan Kinerja Keuangan terhadap Financial Distress pada Perusahaan Sektor Pertambangan yang terdaftar di Bursa Efek Indonesia. Jurnal Geo Ekonomi, 13 (2), 195-210.

17) Hery. 2015. Analisis Laporan Keuangan. Yogyakarta: CAPS (Center for Academic Publishing Service).

18) Hull, Jhon C. (2008). Fundamentals of Future and Option Market. Sixth Edition. New Jersey: Pearson Practice Hall.

19) Hwihanus H., Ratnawati, T., & Yuhertiana, I. 2019. Analysis of Macro Fundamental and Micro Fundamental Effect on Ownership Structure, Auditor Opinion and Value of the Firm in State-Owned Enterprises Companies in Indonesia Stock Exchange. 214–219. https://doi.org/10.5220/0008490802140219.

20) Hwihanus, H. 2022. Nilai Perusahaan Badan Usaha Milik Negara selama Pandemi Covid-19. Owner: Riset Dan Jurnal Akuntansi, 6, 1127–1136.

21) Ibrahim, Hadiasman. (2008). Pengaruh Tingkat Suku Bunga, Peringkat Obligasi, Ukuran Perusahaan, dan DER terhadap Yield to Maturity Obligasi Corporasi BEI Periode 2004 – 2006. Tesis. Universitas Diponegoro Semarang.

22) Jensen, M., C., dan W. Meckling, (1976). Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Finance Economic 3:305-360.

23) Krisdian, N. P. C., & Badjra, I. B. 2017. Pengaruh Ukuran Perusahaan, Tingkat Hutang, dan Kesulitan Keuangan terhadap Keputusan Hedging pada Perusahaan Manufaktur Indonesia (Doctoral dissertation, Udayana University).

24) Lestari, W. R., & Pratiwi, B. N. 2023. Determinants of Hedging Decisions with Derivative Instruments in Foreign Exchange Banks Listed on the Indonesia Stock Exchange. Sean Institute Jurnal Ekonomi, Volume 12, No. 01, 2023.

25) Lukviarman, N. (2016). Corporate Governance. 1st ed. Solo: PT Era Adicitra Intermedia.

26) Marhaenis, L. G., & Artini, L. G. S. 2020. Pengaruh Financial Distress, Growth Opportunities dan Liquidity terhadap Keputusan Hedging pada Perusahaan Pertambangan BEI. E-Jurnal Manajemen Universitas Udayana, 9 (5), 1778.

27) Martono. 2002. Bank dan Lembaga Keuangan Lain. Ekonisia. Yogyakarta.

28) Nanda, V., Muchtar, D., & Bahri, H. 2022. Pengaruh Leverage, Growth Opportunity dan Firm Size terhadap Keputusan Hedging pada Perusahaan Sektor Consumer Goods Industry yang terdaftar pada BEI. Jurnal Ilmu Manajemen, 10 (4), 1160-1171.

29) Nilasari, A, & Ismunawan, I. 2021. Pengaruh Kinerja Keuangan, Risk Based Capital, Ukuran Perusahaan dan Makroekonomi terhadap Financial Distress. Jurnal Ekonomi Bisnis dan Kewirausahaan, 10(1), 55-72.

30) Pernama, M. I. 2019. Faktor yang mempengaruhi Pengambilan Keputusan Perusahaan melakukan Hedging (Studi Kasus pada Perusahaan yang terdaftar di JII Periode 2013-2016 (Doctoral Dissertation, Uin Sunan Kalijaga).

31) Putri, N., & Mulyani, E. 2019. Pengaruh Rasio Hutang, Profit Margin dan Ukuran Perusahaan terhadap Financial Distress. Jurnal Eksplorasi Akuntansi, 1(4), 1968-1983.

32) Rachmat, A. S., & Kustina, L. 2019. The Influence of Rupiah Exchange Rate, Firm Size, Leverage and Liquidity on Hedging Decisions. Journal of Research in Business, Economics, and Education, 1 (1).

33) Redaksi OCBC NISP. 2022, Januari 22. Digital Bank: Pengertian, Layanan, Kelebihan & Kekurangannya. Retrieved from OCBC NISP Website: https://www.ocbcnisp.com/id/article/2022/01/10/digital-bank-adalah.

34) Reyad H. M., Zariyawati, M. A., Ong, T. S., & Haslinah M. 2022. The Impact of Macroeconomic Risk Factors, the Adoption of Financial Derivatives on Working Capital Management, and Firm Performance. MDPI Journals (Basel, Switzerland).

35) Ross, SA, Westerfeld R & Jaffe. (1996). Corporate Finance, Third Edition, Chicago: Richard D Irwin, Inc.

36) Sakti, R. A., & Suprihhadi, H. 2018. Pengaruh Leverage, Financial Distress, dan Likuiditas terhadap Keputusan Hedging pada Perusahaan Manufaktur. Jurnal Ilmu dan Riset Manajemen (JIRM), 7 (4).

37) Septiani, N. M. I., & Dana, I. M. 2019. Pengaruh Likuiditas, Leverage, dan Kepemilikan Institusional terhadap Financial Distress pada Perusahaan Property dan Real Estate (Doctoral dissertation, Udayana University).

38) Setiyoharini, R., & Taufiqurahman, E. 2022. Pengaruh Rasio Keuangan, Kepemilikan Saham, dan Indikator Makroekonomi terhadap Financial Distress. JESYA (Jurnal Ekonomi dan Ekonomi Syariah), 5 (1), 743-756.

39) Setyawati, I. R., & Priantinah, D. 2021. Pengaruh Kinerja Keuangan, Kepemilikan Manajerial, Ukuran Komite Audit, Ukuran Perusahaan, dan Kondisi Makro Ekonomi terhadap Financial Distress pada Perusahaan. Jurnal Profita: Kajian Ilmu Akuntansi, 9 (7), 18-35.

40) Setyowati, W., & Sari, N. R. N. 2019. Pengaruh Likuiditas, Operating Capacity, Ukuran Perusahaan dan pertumbuhan Penjualan terhadap Financial Distress (Studi pada Perusahaan Manufaktur yang terdaftar di BEITahun 2016-2017). Magisma: Jurnal Ilmiah Ekonomi dan Bisnis, 7 (2), 73-84.

41) Sofia, R., & Yuneline, M. H. 2019. Determinasi Pengambilan Keputusan Lindung Nilai pada Instrumen Derivatif Valuta Asing Hedging Decision-Making Determination on Exchange Rate as Derivative Instrument. ISEI Business and Management Review, 3 (1), 16-25.

42) Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, Vol. 87, No. 3, 355-374.

43) Suad Husnan dan Enny Pudjiastuti. (2012). Dasar-Dasar Manajemen Keuangan. Edisi Keenam Cetakan Pertama. Yogyakarta: UPP STIM YPKN.

44) Sudaryanti, D., & Dinar, A. 2019. Analisis Prediksi Kondisi Kesulitan Keuangan dengan Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage dan Arus Kas. Jurnal Ilmiah Bisnis dan Ekonomi Asia (JIBEKA), 13 (2), 101-110.

45) Sugiyono. 2016. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta.

46) Swari, A. B., & Pristiana, U. (2021). Pengaruh Makro Ekonomi dan Struktur Modal Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Kontruksi Dan Bangunan Yang Terdaftar Di Bei Tahun 2016 - 2018. JEM17: Jurnal Ekonomi Manajemen, 5 (2), 107-127.

47) Triasiwi, M. K., & Priantilianingtiasari, R. 2023. Pengaruh Leverage, Likuiditas, Financial Distress terhadap Keputusan Hedging Sektor Industri Barang Konsumsi terdaftar BEI 2019-2021. Economics and Digital Business Review, 4 (2), 96- 107.

48) Ulfi Pristina, 2020. Analysis of Investment Decisions, Funding Decisions, Financial Risk Management Impacts on Financial Distress with Moderation of Good Corporate Governance in Manufacturing Industry Sectors Listed on the Indonesia Stock Exchange. Ekspektra: Jurnal Bisnis dan Manajemen, Vol. 4, Nomor 2, Hal. 121-135.

49) Vinzi, V., Trinchera, L., & Amato, S. (2010). PLS Path Modeling: From Foundations to Recent Developments and Open Issues for Model Assessment and Improvement. V. Esposito Vinzi

50) Yuliani, E., & Kristanti, I.N. 2021. Pengaruh Pertumbuhan Perusahaan, Leverage, Ukuran Perusahaan, dan Likuiditas terhadap Keputusan Hedging pada Perusahaan Manufaktur yang terdaftar di BEI periode 2016-2019 (Doctoral Dissertation, Universitas Putra Bangsa).

VOlUME 02 ISSUE 12 DECEMBER 2023